Executive Summary:
EEA Joint Committee Decision No. 149/2022 amends Annex IX (Financial Services) to the EEA Agreement to incorporate three Commission Delegated Regulations (EU) 2020/1816, 2020/1817, and 2020/1818, related to environmental, social, and governance (ESG) factors in benchmarks. The decision entered into force on April 30, 2022, or the entry into force of Decision No 151/2022 if later, pending notifications under Article 103(1) of the EEA Agreement. The decision will be published in the EEA section of the Official Journal.
Key Points / Main Content:
* **Incorporation of EU Regulations:**
* Commission Delegated Regulation (EU) 2020/1816 regarding the explanation of ESG factors in benchmark statements is incorporated.
* Commission Delegated Regulation (EU) 2020/1817 regarding the minimum content of the explanation on how ESG factors are reflected in the benchmark methodology is incorporated.
* Commission Delegated Regulation (EU) 2020/1818 regarding minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks is incorporated.
* **Adaptation for EFTA States:**
* For EFTA states, the reference to "23 December 2020" in Article 5(1) of Regulation 2020/1816 is replaced with "the date of entry into force of Decision of the EEA Joint Committee No 149/2022 of 29 April 2022."
* **Authentic Language Texts:**
* The Icelandic and Norwegian language texts of Regulations EU 2020/1816, EU 2020/1817, and EU 2020/1818 will be published in the EEA Supplement to the Official Journal and are considered authentic.
* **Entry into Force:**
* The Decision entered into force on April 30, 2022, or on the day of the entry into force of Decision of the EEA Joint Committee No 151/2022 of 29 April 2022, whichever is later, provided that all notifications under Article 103(1) of the EEA Agreement have been made.
Impact Analysis:
**Benchmark providers:**
* *Impact:* Must ensure benchmark statements and methodologies adequately explain how ESG factors are considered, in alignment with Regulations (EU) 2020/1816 and 2020/1817. Must meet minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks as per Regulation (EU) 2020/1818
* *Action Required:* Review and update benchmark statements and methodologies to comply with the incorporated regulations.
**EFTA States:**
* *Impact:* Subject to the updated regulations with a modified effective date for Article 5(1) of Regulation 2020/1816.
* *Action Required:* Note the adjusted effective date for Article 5(1) of Regulation 2020/1816.
**EEA Joint Committee:**
* *Impact:* Responsible for the adoption and publication of the decision.
* *Action Required:* Ensure the decision is published in the EEA Section of the Official Journal and the EEA Supplement.
Key Entities Referenced
EEA Joint Committee: The governing body responsible for the management of the Agreement on the European Economic Area (EEA).
EEA Agreement: The Agreement on the European Economic Area, which extends the EU's single market to Iceland, Liechtenstein and Norway.
Commission Delegated Regulation EU 2020/1816: A regulation supplementing Regulation EU 2016/1011 regarding the explanation of environmental, social, and governance factors in benchmark statements.
Commission Delegated Regulation EU 2020/1817: A regulation supplementing Regulation EU 2016/1011 regarding the minimum content of the explanation on how environmental, social, and governance factors are reflected in the benchmark methodology.
Commission Delegated Regulation EU 2020/1818: A regulation supplementing Regulation EU 2016/1011 regarding minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks.
Regulation EU 2016/1011: A regulation of the European Parliament and of the Council concerning benchmarks.
Brussels: The city where the Decision of the EEA Joint Committee was signed.
Iceland: One of the EFTA states party to the EEA agreement.
22.9.2022 EN Official Journal of the European Union L 246/111
DECISION OF THE EEA JOINT COMMITTEE No 149/2022
of 29 April 2022
amending Annex IX (Financial services) to the EEA Agreement [2022/1593]
THE EEA JOINT COMMITTEE,
Having regard to the Agreement on the European Economic Area (‘the EEA Agreement’), and in particular Article 98
thereof,
Whereas:
(1) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020supplementing Regulation (EU) 2016/1011 of
the European Parliament and of the Council as regards the explanation in the benchmark statement of how
environmental, social and governance factors are reflected in each benchmark provided and published(1) is to be
incorporated into the EEA Agreement.
(2) Commission Delegated Regulation (EU) 2020/1817 of 17 July 2020supplementing Regulation (EU) 2016/1011 of
the European Parliament and of the Council as regards the minimum content of the explanation on how
environmental, social and governance factors are reflected in the benchmark methodology(2)is to be incorporated
into the EEA Agreement.
(3) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020supplementing Regulation (EU) 2016/1011 of
the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks
and EU Paris-aligned Benchmarks(3)is to be incorporated into the EEA Agreement.
(4) Annex IX to the EEA Agreement should therefore be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
The following is inserted after point 31lrb (Commission Implementing Decision (EU) 2019/1275) of Annex IX to the EEA
Agreement:
‘31ls. 32020 R 1816: Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020supplementing Regulation (EU)
2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of
how environmental, social and governance factors are reflected in each benchmark provided and published
(OJ L 406, 3.12.2020, p. 1).
31lt. 32020 R 1817: Commission Delegated Regulation (EU) 2020/1817 of 17 July 2020supplementing Regulation (EU)
2016/1011 of the European Parliament and of the Council as regards the minimum content of the explanation on
how environmental, social and governance factors are reflected in the benchmark methodology (OJ L 406,
3.12.2020, p. 12).
31lu. 32020 R 1818: Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020supplementing Regulation (EU)
2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition
Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
The provisions of the Delegated Regulation shall, for the purposes of this Agreement, be read with the following
adaptation:
In paragraph 1 of Article 5, as regards the EFTA States, the words “23 December 2020” shall read “the date of entry
into force of Decision of the EEA Joint Committee No 149/2022 of 29 April 2022”.’
(1) OJ L 406, 3.12.2020, p. 1.
(2) OJ L 406, 3.12.2020, p. 12.
(3) OJ L 406, 3.12.2020, p. 17.L 246/112 EN Official Journal of the European Union 22.9.2022
Article 2
The texts of Delegated Regulations (EU) 2020/1816, (EU) 2020/1817 and (EU) 2020/1818 in the Icelandic and Norwegian
languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic.
Article 3
This Decision shall enter into force on 30 April 2022, provided that all the notifications under Article 103(1) of the EEA
Agreement have been made*, or on the day of the entry into force of Decision of the EEA Joint Committee No 151/2022
of 29 April 2022(4), whichever is the later.
Article 4
This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European
Union.
Done at Brussels, 29 April 2022.
For the EEA Joint Committee
The President
Nicolas VON LINGEN
(*) No constitutional requirements indicated.
(4) See page 114 of this Official Journal